Starbucks to add 3,000 new stores
By Chris Isidore
NEW YORK (CNNMoney) — Starbucks is planning to add 3,000 stores over the next five years, with at least half of them in the United States.
The company said Wednesday the new stores will expand its existing global network of 17,000 stores. Starbucks also plans to renovate its existing stores.
The additions will lead to a 13% increase in the number of U.S. stores by 2017. Starbucks had 10,800 stores in the United States as of October 2011, according to its annual report.
The coffee chain also has big plans for China, where it expects to have 1,500 stores in 70 cities by 2015.
The expansion in China will greatly add to Starbucks’ presence in the Asia-Pacific region. By the end of 2013, Starbucks hopes to have a total of 4,000 stores, including 1,000 in Japan, 500 in Korea and its first store in Vietnam.
Starbucks made the announcement at a conference for investors. Shares of Starbucks were down more than 1% following the announcement.
Last month Starbucks announced a $620 million acquisition of Teavana Holdings, which it said will give it greater presence in the $40 billion global tea market . The deal is expected to close by the end of this year.